World Bank to provide Lebanon with $300-500m
Published: 05:10 PM,Oct 25,2022 | EDITED : 09:10 PM,Oct 25,2022
The World Bank is ready to provide Lebanon with $300 to $500 million this year for social security and other projects relating to food and agriculture, the Lebanese cabinet tweeted on Tuesday, citing the fund's Vice President for the Middle East and North Africa, Ferid Belhaj.
Already reeling from three years of economic meltdown, Lebanon faces the prospect of its multi-faceted crisis deepening further when President Michel Aoun's mandate expires in a week from now.
The deadline looms as the country is headed by a caretaker administration, since key parties have been unable to agree on a proper government to replace one whose mandate expired in May. Parliament has held four rounds of voting since last month, with no candidate garnering enough support from parties to succeed Aoun, prompting fears of a protracted power vacuum. -- Reuters
Already reeling from three years of economic meltdown, Lebanon faces the prospect of its multi-faceted crisis deepening further when President Michel Aoun's mandate expires in a week from now.
The deadline looms as the country is headed by a caretaker administration, since key parties have been unable to agree on a proper government to replace one whose mandate expired in May. Parliament has held four rounds of voting since last month, with no candidate garnering enough support from parties to succeed Aoun, prompting fears of a protracted power vacuum. -- Reuters